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August 9, 2022
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Sacramento Kings offers Bitcoin salary option to its employees

California basketball team Sacramento Kings started offering Bitcoin as a salary option for everyone in the organization.

The NBA’s Sacramento Kings franchise began offering the Bitcoin salary option to all employees of the organization, from wake up with the team’s CEO and president, Vivek Ranadivé.

The announcement was made by Ranadivé during a session at a Clubhouse, called “Satoshi Roundtable”. Tim Draper, a venture capitalist, asked the Kings’ CEO if he would join him as a speaker.

“I will announce in the coming days that everyone in the Kings organization will be able to receive their Bitcoin salaries, including the players,” said Ranadivé.

The citation was subsequently tweeted by Neil Jacobs, a Bitcoin enthusiast who was present at the clubhouse.

Kings in the crypto world

This is not the first time that the California NBA team has interacted with cryptocurrencies and blockchain.

Last year, Kings announced that would do auctions – on the Ethereum blockchain. The first auction was held on January 15, 2020, after a game against the Dallas Mavericks – which is also in the crypto world thanks to Mark Cuban. The profit from this auction was to help the victims of Hurricane Dorian.

In addition, the Kings began to accept Bitcoin as a form of payment in 2014, and even started mining cryptocurrencies in 2018. In 2019, the NBA team launched the “Kings token”, designed to reward fans who demonstrated engagement with the team.

The rise of bitcoin

Sacramento Kings’ latest crypto move comes at a time when the Bitcoin price is close to its $ 61,000 high.

Currently Bitcoin has recovered from its most recent low of $ 52,000, seen on March 25th. Despite other small price drops, Bitcoin has had a solid 2021 so far, most of which can be attributed to the growing interest of institutional investors like MicroStrategy and Tesla.

The flagship cryptocurrency opened the year at approximately $ 29,000, meaning that – at current prices – Bitcoin has appreciated by more than 100% since the beginning of the year.

Source: Decrypt

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